Major Rebate Processor Files For Bankruptcy: Deal Rebates May Be Affected

[ArleneMcGinty]

Out of concern I decided to post this is the deals forums. I know it's not in the right place, but people need to see this.

If you use mail in rebates for virtually any product in North America, you will want to read up on this and start making sure your money is safe

http://enthusiast.hardocp.com/art...VzaWFzdA==

Quote : Here is a simple overview of how a rebate with CPG works. Company X puts a rebate on its product, let’s say for $20. Company X expects to pay out 5000 of these rebates to consumers. Company X would then put the $100,000 needed to cover that rebate into CPG’s bank accounts. CPG basically escrows the money for consumers. CPG is trusted with this money in order to make sure the consumer is “safe.” We have it from good sources currently that CPG owes consumers somewhere in the neighborhood of $9M to $12M worth of rebates. The problem here is that CPG currently only has about $3M in cash to cover that $9M-$12M in rebates owed to the consumer. Where that money has gone to is anyone’s guess and we will leave speculation up the law enforcement authorities and the courts.

Please Digg this Story! http://digg.com/hardware/Your_Mai...n_Jeopardy

[frolet]

Quote from ArleneMcGinty : Out of concern I decided to post this is the deals forums. I know it's not in the right place, but people need to see this. http://enthusiast.hardocp.com/art...VzaWFzdA==

CPG... Continental Promotions Group. I fought for months and months to get a rebate from them, they kept ignoring me and claiming non-receipt. I had to get the BBB and FTC involved. The BBB guy said they get more complaints on them than any other company. This does not surprise me. CPG has to be the most crooked company in the world.

[bearntiger]

This has been the case for a while. Typically company X does not expected 100% of the consumers to submit their rebates. Said if they forecast 50% of consumers will submit theirs, then they will allocate 50% of the total rebate amount. If more than 50% of consumers actually submit their rebate, then company X is in trouble.

[greenie]

That would explain this email I got from TrendNet today...
Dear Valued Customer,

This is an official email from TRENDnet.

Please note that a mail-in-rebate check that was recently mailed to you by a 3rd party company, on behalf of TRENDnet, will BOUNCE if you try to cash this check. This issue came to our attention today and we are taking immediate action to ensure that you receive your mail-in-rebate refund.

Why will your mail-in-rebate check bounce?

Please note that a 3rd party rebate processing company (legally we cannot disclose the company name at this point) was contracted to issue you your mail-in-rebate check. This 3rd party company is experiencing financial difficulties and the funds provided to them, by TRENDnet, are no longer available. We apologize for any inconvenience, delay or confusion this may cause. We are doing everything in our power to rectify the situation immediately.

We are taking immediate corrective actions to change our mail-in-rebate provider to ensure that this never happens again. We are committed to ensure that you receive your refund in a timely manner and that you will have full confidence in TRENDnet running into the future.

How to get your mail-in-rebate:

Don't cash the mail-in-rebate check you have received (it will bounce)
If you have not yet received the check, remember not to cash it once you do get it in the mail
Make a photocopy of the check for your records
Mail the original check to TRENDnet headquarters along with a printout of this email.
Mail the check to: (for your reference: our headquarter address can be confirmed on our website at www.trendnet.com)
TRENDnet
Mail-In-Rebate Check Rectification
20675 Manhattan Place
Torrance, CA 90501 USA

TRENDnet will immediately mail back to you a new check that you can cash at any time
Additional Questions:

Please email rebatequestion@trendnet.com if you have any questions or concerns about the process or your mail-in-rebate check.

Rest assured that we are doing everything in our power to correct this unfortunate occurrence immediately.

We apologize again for any inconvenience.


Sincerely,
TRENDnet

[aradia926]

That's interesting because I just got an email this morning from TrendNet requesting that I not cash the rebate check I received yesterday, as the check will bounce. The explanation was exactly what the OP described.

[ktg]

I just got a dire "DO NOT CASH THE REBATE CHECK YOU MIGHT HAVE JUST RECEIVED" email message today from TrendNet---now I know why. Sadly, I deposited said check last week. My bank tells me nothing has bounced YET...but emphasized the word "yet." I emailed TrendNet and asked them how they were planning on reimbursing me for the inevitable $25 bank bad check fee and the $25 rebate that apparently I may never get.

I can just see a whole lot of class action attorneys peeing their pants with glee right now.

[djzero]

Does anyone know if the Monroe brake pads rebate was done through this company? I just submitted that one last week.

[ArleneMcGinty]

Quote from Ray Nagin : hogwash blog

apparently so

[lotsalotsadeals]

Cashed 6 the past 3 weeks NO PROBLEM.
Deposited 1 Yesterday we'll see.
Time to open a SPECULATION and UTTER BS Forum since all the crap gets posted in Hot Deals

[steaksauce]

Antec uses Rebatestatus.com all the time which seems like they are affiliated with CPG. Yikes. Cooler Master might use them too.

[Troublestylist]

Finally. You think this might get Congress to ban rebates?

[Chrs]

I trust Alex Trebek

I'm sure he'll pay me

[ionizer]

i'm guessing this rebate company invested the money they held on a short term basis and obviously lost a lot of money recently and doesn't have that money now to pay back people

idiots.... just assumed everything would continue to go up and they could just make free interest